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SBMA still a major role player in Philippines’ economic growth

SBMA OIC Administrator of SBMA Randy B. Escolango

SUBIC BAY FREEPORT — The country’s premier Freeport remains to play a major role in pushing the economic growth envisioned by the present administration for the national government by generating business and job opportunities.

Lawyer Randy Escolango, OIC-administrator and CEO of Subic Bay Metropolitan Authority (SBMA), said the role of Subic Freeport is always as important in the thrust of the national government in inclusive growth by generating business opportunities and creating jobs.

Escolango noted that the financial performance of SBMA and contribution to the national economy show best ratings in the past four years which turned the table for SBMA from “sickly” to one of the most successful government-owned and controlled corporation to date.

Earlier this year, SBMA reported that in 2015, it was able to appropriate PHP302.5 million for eight major infrastructure projects which was 956.73 percent higher than in 2014 with only PHP28.6 million.

The amount is part of the PHP800-million capital expenditures (CAPEX) being utilized this year by SBMA to fund the repairs of major service roads networks and other facilities.

In tourism, Subic Freeport is included in the shortlisted nominees as Destination of the Year, Event Sponsorship of the Year and Organizer of the Year- Government for the Philippine Sports Tourism Awards on November 22 this year.

Last November 2, SBMA chairman Martin Diño went on a major business mission to the United States to formalize a Sister Port agreement with the Port Authority of San Francisco. He also met with the manufacturer of hybrid renewable energy ECO-GEN Energy and a solid waste investor.

Escolango noted that for the first to third quarter of 2016, SBMA Board has approved PHP111.5 billion worth of investments that is expected to generate more than 55,000 new jobs.
“SBMA is geared towards creating better business climate and providing quality customer service to all,” Escolango added. (PNA)

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